The long-term picture for social media giant Snap remains unclear after the company posted a huge quarterly loss of $2.2bn on May 10.
It was the first earnings report from Snap Inc – the parent company of Snapchat –after its much vaunted initial public offering (IPO) in March, which valued the company at approximately $20bn.
The vast majority of that loss comes from Snap’s employees cashing in their stock options, accounting for roughly $2bn of the total.
Company chief executive and co-founder Evan Spiegel took nearly half of that, receiving a special ‘CEO award’ of 37.4 million shares worth $974m, according to a filing with the US Securities and Exchange Commission.
However, Snap’s revenue growth of $149.6m was down roughly $10m on analysts’ forecasts, and the company reported an EBITDA loss of $188m.